Last10K.com

Old Second Bancorp Inc (OSBC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

Picture 1

 

 

 

 

 

 

 

 

 

(NASDAQ:OSBC)

Exhibit 99.1

 

 

 

Contact:

Bradley S. Adams

For Immediate Release

 

Chief Financial Officer

January 24, 2018

 

(630) 906-5484

 

 

 

Old Second Reports Fourth Quarter 2017 Net Loss of $2.5 million

AURORA, IL, January 24, 2018  – Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ: OSBC), the parent company of Old Second National Bank (the “Bank”), today announced financial results for the fourth quarter of 2017.  The Company’s net loss was $2.5 million, or $0.08 per diluted share, for the fourth quarter of 2017, as compared to net income of $5.0 million, or $0.17 per diluted share, for the fourth quarter of 2016.

Operating Results

·

Fourth quarter 2017 net loss was $2.5 million, reflecting a decrease in earnings of $10.6 million, or 131.1%, from the third quarter of 2017, and a decrease in earnings of $7.5 million, or 150.1%, from the fourth quarter of 2016. 

·

A nonrecurring, noncash charge of $9.5 million, or $0.31 per diluted share, was recorded as tax expense in the fourth quarter of 2017, stemming from the late December 2017 enactment of the “Tax Cuts and Jobs Act.”  The act lowered the Federal corporate income tax rate, which caused the Company to record a valuation allowance with respect to its deferred tax asset.  Adjusted earnings for the fourth quarter of 2017, a non-GAAP financial measure, which excludes this nonrecurring tax expense, were $7.0 million, or $0.23 per diluted share. See the discussion entitled “Non-GAAP Presentations” below and the tables on page 14 that provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. 

·

Net interest and dividend income was $19.4 million for the fourth quarter of 2017, reflecting an increase of $103,000, or 0.5%, from the $19.3 million recorded in the third quarter of 2017, and an increase of $1.9 million, or 10.7%, over the fourth quarter of 2016.  Net interest income continued to be favorably impacted in the fourth quarter of 2017 by the Company’s fourth quarter 2016 acquisition of $221.0 million of loans from the purchase of the Chicago branch of Talmer Bank and Trust (“Talmer”).  Purchase accounting accretion income realized in the fourth quarter of 2017 with respect to such acquisition totaled $213,000, as compared to $265,000 in the third quarter of 2017, and $604,000 in the fourth quarter of 2016.

·

The Company recorded provision for loan losses expense of $750,000 in the fourth quarter of 2017, compared to $300,000 in the third quarter of 2017, and $750,000 in the fourth quarter of 2016. 

·

Noninterest income was $8.2 million for the fourth quarter of 2017, which reflects growth of $341,000, or 4.3%, over the third quarter of 2017, and a decrease of $244,000, or 2.9%, compared to the fourth quarter of 2016.  The current year linked quarter growth was primarily driven by increases in gains on securities.  The decline in the fourth quarter 2017 compared to the prior year like period was due to reductions in residential mortgage banking revenues, partially offset by increases in gains on securities. 

·

Noninterest expense was $16.2 million for the fourth quarter of 2017 which reflects a decrease of $727,000, or 4.3%, as compared to the third quarter of 2017, and a decrease of $1.0 million, or 5.9%, from the fourth quarter of 2016.  The decrease in the current year linked quarter expense is primarily due to reductions in salaries and employee benefits and OREO related costs, partially offset by increased advertising expense. The year over year decrease is primarily due to reductions in salaries and employee benefits and OREO related costs.  

·

On December 26, 2017, the Company announced the signing of a definitive agreement and plan of merger to acquire Greater Chicago Financial Corp. and its wholly-owned bank subsidiary, ABC Bank, in an all cash

1


The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, January 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Old Second Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Old Second Bancorp Inc.

Continue

Assess how Old Second Bancorp Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Old Second Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Allowance For Loan Losses
Allowance For Loan Losses (details)
Allowance For Loan Losses (tables)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (details)
Borrowings - Maturities And Weighted Average Rates (details)
Borrowings - Summary (details)
Cash And Due From Banks
Cash And Due From Banks (details)
Commitments
Commitments (tables)
Commitments - Lease Commitments And Legal Proceedings (details)
Commitments - Summary Of Financial Instrument Commitments (details)
Deposits
Deposits (tables)
Deposits - Components And Maturities (details)
Deposits - Scheduled Maturities (details)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Reconciliation (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Equity Compensation Plans
Equity Compensation Plans (tables)
Equity Compensation Plans - Options (details)
Equity Compensation Plans - Restricted Stock And Rsus (details)
Equity Compensation Plans - Summary Of Stock Option Activity (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Changes In Level 3 (details)
Fair Value Measurements - Nonrecurring (details)
Fair Value Measurements - Quantitative And Qualitative Information (details)
Fair Value Measurements - Recurring (details)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (details)
Fair Values Of Financial Instruments (tables)
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions (tables)
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions - Interest Rate Derivatives (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Carryforwards (details)
Income Taxes - Components (details)
Income Taxes - Components Of Deferred Income Tax Provision (details)
Junior Subordinated Debentures
Junior Subordinated Debentures - Issuance (details)
Junior Subordinated Debentures - Payments And Other Disclosures (details)
Loans
Loans (tables)
Loans - Aging Analysis (details)
Loans - Credit Quality (details)
Loans - Impaired Loans - Average Recorded Investment And Interest Income Recognized (details)
Loans - Impaired Loans - Recorded Investment, Unpaid Principal Balance And Related Allowance (details)
Loans - Inclusion (details)
Loans - Major Classifications (details)
Loans - Major Classifications - Loan Concentrations (details)
Loans - Related Parties (details)
Loans - Repossessed Assets (details)
Loans - Tdr (details)
Mortgage Banking Derivatives
Mortgage Banking Derivatives (details)
Mortgage Banking Derivatives (tables)
Other Real Estate Owned
Other Real Estate Owned (details)
Other Real Estate Owned (tables)
Parent Company Condensed Financial Information
Parent Company Condensed Financial Information (tables)
Parent Company Condensed Financial Information - Condensed Balance Sheets (details)
Parent Company Condensed Financial Information - Condensed Statements Of Income (details)
Parent Company Condensed Financial Information -condensed Statements Of Cash Flows (details)
Preferred Stock
Preferred Stock (details)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Regulatory & Capital Matters
Regulatory & Capital Matters (details)
Regulatory & Capital Matters (tables)
Regulatory & Capital Matters - Capital Levels And Industry Defined Regulatory Minimums (details)
Regulatory & Capital Matters - Dividend Restrictions And Deferrals (details)
Securities
Securities (tables)
Securities - Amortized Cost And Fair Value (details)
Securities - Contractural Maturities (details)
Securities - Investment Portfolio (details)
Securities - Realized Gain (loss) (details)
Securities - Unrealized Loss Positions (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)-10k
Summary Of Significant Accounting Policies - Dividend (details)
Summary Of Significant Accounting Policies - Premises And Equipment (details)
Ticker: OSBC
CIK: 357173
Form Type: 10-K Annual Report
Accession Number: 0000357173-18-000015
Submitted to the SEC: Tue Mar 13 2018 12:51:03 PM EST
Accepted by the SEC: Tue Mar 13 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/osbc/0000357173-18-000015.htm